OGX Continues Successful Oil Search in Campos Basin

OGX encountered oil-bearing intervals in two wells on the BM-C-42 Block. A minimum net pay of roughly 56 feet (17 meters) was encountered in the carbonate reservoirs in the Albian section of the 1-OGX-7A-RJS well on the Huna prospect. In the 1-OGX-10-RJS well, located on the Hawaii prospect, a net pay of approximately 36 feet (11 meters) was encountered in the Cenomanian section, and a minimum net pay of 43 feet (13 meters) was found in the Albian section, both in carbonate reservoirs. The OGX-7A and the OGX-10 wells are located in the BM-C-42 Block off the coast of Rio de Janeiro and are being drilled by the Ocean Lexington and Sea Explorer semisubs, respectively. Furthermore, OGX will spud a well on the Natal prospect using the Ocean Quest semisub, which is already on location on the BM-S-59 Block in the Santos Basin. OGX wholly owns and operates the blocks.

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